What is Promissory Note? | REAL-ESTATE-SALESPERSON Exam Prep

A promissory note is the borrower's written promise to repay a loan, containing the loan terms including principal amount, interest rate, payment schedule, and maturity date. It is the "IOU" document that creates the debt obligation, separate from the mortgage or deed of trust that secures the loan with property. 📚 Learn more about Promissory Note and other key terms for your REAL-ESTATE-SALESPERSON exam at Open Exam Prep. 🎯 This term appears on: REAL-ESTATE-SALESPERSON 🔗 Full glossary: https://www.open-exam-prep.com/glossary 🔗 Promissory Note definition: https://www.open-exam-prep.com/glossary/promissory-note 💡 Exam Tip: Promissory note = the IOU, creates debt obligation. Mortgage/Deed of Trust = security instrument, creates lien. Note is NOT recorded; security instrument IS recorded. Maker = borrower, Payee = lender. --- #real-estate #examprep #financeexam #real-estate-salesperson